FORK - IRREVERSIBLE - BITCOIN PROTOCOL


FORK	protocol to set the “rules” for how the network runs. the open source, cryptographic protocol which operates on the bitcoin network.^{^{Source + Source}}
IRREVERSIBLE	a proof of work is a piece of data which is easy for others to verify and which satisfies certain requirements. is difficult (costly, time-consuming) to produce.^{^{Source + Source}}
BITCOIN PROTOCOL	it can also be used to describe a separate cryptocurrency which has been split from the main blockchain, such as namecoin being a “fork” of bitcoin. a split in the blockchain where there are temporarily two different blockchains which miners can work on. (this change is called a “hard fork”.) these can occur if software updates to a bitcoin client are incompatible or if developers decide that changes must be made to the programming of a coin. forks create an alternate version of the blockchain, leaving two blockchains to run simultaneously on different parts of the network. ^{^{Source + Source}}
PROOF-OF-WORK	there is no safety net for that situation. after confirmation, a transaction is unable to be reversed by nobody. ^{^{Source + Source}}


FORK	it can also be used to describe a separate cryptocurrency which has been split from the main blockchain, such as namecoin being a “fork” of bitcoin. a split in the blockchain where there are temporarily two different blockchains which miners can work on. (this change is called a “hard fork”.) these can occur if software updates to a bitcoin client are incompatible or if developers decide that changes must be made to the programming of a coin. forks create an alternate version of the blockchain, leaving two blockchains to run simultaneously on different parts of the network. ^{^{Source + Source}}
IRREVERSIBLE	there is no safety net for that situation. after confirmation, a transaction is unable to be reversed by nobody. ^{^{Source + Source}}
BITCOIN PROTOCOL	protocol to set the “rules” for how the network runs. the open source, cryptographic protocol which operates on the bitcoin network.^{^{Source + Source}}
PROOF-OF-WORK	a proof of work is a piece of data which is easy for others to verify and which satisfies certain requirements. is difficult (costly, time-consuming) to produce.^{^{Source + Source}}

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FORK - IRREVERSIBLE - BITCOIN PROTOCOL - PROOF-OF-WORK -

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